The following is my personal Technical Analysis for Sunvic Chemical Holdings Ltd listed in Singapore stock exchange. I will not be reliable for paying any loss incurred for believing what I said. Of course I will be happy if you could make money because of this sunvic technical analysis.
The Sunvic Technical Analysis chart is taken on 12 Jan 2011 using shareinvestor station. Click on the image for clearer chart.
Trend: Correction expected. Best to be watcher instead of holding any position. Or may take some profit first.
As you can see from the chart that sunvic has been declining all the way from 0.700 on 11 Nov, 2010 to 0.525 on 24th Dec, 2010. A very clear triangle has been formed. On 28th Dec, 2010 and 29th Dec, 2010, sunvic had a successful upward breakup of the triangle. I bought it at 0.61 on the second day of the breakout, which is a double confirmation that a break out is successful. Ever since then, sunvic has raised more than 20%. The highest price this few days is at 0.76. Today, it shows an red candle stick. RSI has declined sharply. The volume for these two days is not picking up as well. With the volume declining. I think there is not much momentum for sunvic. These few days should have an immediate correction. The first support is at 0.70. Once broken, we should be prepared for longer correction, which may dragged sunvic to 0.60. So I have decided to take the profit first today.